Sadler's Smokehouse: Hormel will buy Sadler's Smokehouse, posts Q1 sales growth

Hormel Foods Corp. on Thursday reported better-than-expected sales for its fiscal first quarter and said it has agreed to buy Sadler's Smokehouse, a Texas producer of pit-smoked meats, for $270 million. Sadler's, based in Henderson, Texas, is a family-owned company that sells into both retail and food-service businesses with annual sales of about $140 million, excluding transfers to Austin, Minn.-based Hormel (NYSE: HRL) itself, which been a customer of Sadler's for almost two decades. The deal...